Is it wise to self-manage a condominium?

[Vasudev Kirs]

I am a newbie and was wondering how wise is it to self-manage a 1-bedroom condo in a decent neighborhood? I looked into PM services, and based on my calculations, 25% of my net cash flow is going towards PM (factoring their initial 75% one-time setup fee and 8% management).

Also, there are no 1-bedroom apartments or condos in the block - only 1+ bedrooms available - not for rent but none present. Is that a good thing or bad thing?

I am having second thoughts on whether condo is a good investment option or not. 

Any thoughts?